OFT gets post-Enron boost
The Office of Fair Trading is to receive additional funds to fight anti-competitive practices in the wake of accounting scandals at Enron and WorldCom.
In his spending review, announced in parliament yesterday, chancellor Gordon Brown said he would increase the OFT’s budget from £34m this year to £55m by 2005/2006.
Brown told MPs: ‘We are determined that everything is done to the highest corporate standards.’
He also mentioned the audit review, conducted by the Department of Trade and Industry, due out next month which, he said, would spell out accounting and audit reforms.
In addition Brown pledged help to small businesses with corporate tax cuts and stamp duty exemptions for high unemployment areas extended to SMEs.